NAICOM Highlight Strategies to Achieve Insurance Penetration Across Nigeria

The National Insurance Commission (NAICOM), has highlighted five strategies it will adopt to achieve insurance accessibility and penetration across the country.

The commission said these strategies were namely, safeguarding policyholders and improving confidence in the industry, strengthening the agency’s supervisory capabilities and organisational effectiveness, improving safety and soundness of the Nigerian insurance industry, and fostering innovation and sustainability of the Nigerian insurance industry.

NAICOM said these would enhance overall insurance accessibility and penetration in Nigeria.

Ayo Olusegun Omosehin, the Commissioner for Insurance, stated these while speaking   at the 2024 Insurance Meets Tech (IMT) organised by Modion Communications in Lagos.

Omosehin who was represented at the event by the Head, Lagos Control Office of NAICOM, Mr Julius Odidi spoke on the theme, “Revitalising the Insurance Industry to Risk-Manage Nigeria’s One-Trillion-Dollar Economic Aspiration.”

He said NAICOM played a vital role in fostering innovative business solutions that address pressing economic and social issues in Nigeria’s insurance sector, adding that the commitment extended to ensuring prompt settlement of legitimate claims, promoting market growth through innovation, and driving commercial value within the industry.

He said efforts must be made to address key fundamental issues plaguing the sector, which include among others low insurance penetration, lack of public trust, market fragmentation, regulatory reforms and digital transformation and adaptation.

He cited instance of the surge of COVID-19 in year 2020-2021 saying when the pandemic was threatening global safety and testing the abilities, resilience and preparedness of nations globally to deal with the unexpected outbreak, the it had highlighted the need for digitalisation.